NEW
YORK, Aug. 16, 2023 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders
of Proterra Inc..
Shareholders who purchased shares of PTRA during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/proterra-loss-submission-form/?id=43530&from=4
CLASS PERIOD: August 2,
2022 to March 15, 2023
ALLEGATIONS: According to the filed complaint, on
March 15, 2023, Proterra announced
their quarterly earnings. In that announcement, the Company stated
they were in violation of a liquidity clause in their secured
convertible notes and that they may have to qualify an audit report
with a "going concern" clause. The financial issues stemmed from an
increase in cash burn because of a decrease in gross margin and an
increase in accounts receivable during the relevant quarter. In
response to the announcement, Proterra's stock price substantially
dropped from $2.51 per share to
$1.16 per share, eliminating
approximately $118 million in market
capitalization in one day. The complaint alleges
that defendants made false and/or misleading statements and/or
failed to disclose that: (i) the Company repeatedly stated the
$523 on their balance sheet meant the
company had abundant liquidity and financial stability; and, (ii)
the new factory in Greer, South
Carolina would continue to improve production efficiency and
gross margins.
DEADLINE: September 12,
2023 Shareholders should not delay in registering for
this class action. Register your information here:
https://securitiesclasslaw.com/securities/proterra-loss-submission-form/?id=43530&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of PTRA during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is September 12, 2023. There is no
cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm